The Biden administration on Monday announced it would start to distribute advance payments associated with the enhanced child tax credit starting on July 15, with millions of eligible Americans set to receive the money automatically or able to opt out and get it as a lump sum when they file a tax return in 2022.
The $1.9 trillion American Rescue Plan both boosted the amount eligible families could receive in 2021 and allowed for half of the money to be made available in monthly instalments through the end of the year, with the remainder claimed as a credit when people file their income taxes next year.
